UAE builds smart economy based on modern technologies

Yesterday, experts and government officials highlighted ways to build smart, flexible and sustainable economies in light of the challenges facing the world, noting that the shift towards a smart economy in the UAE is witnessing remarkable progress thanks to investment in modern technologies, such as artificial intelligence and blockchain, and support for the government and private sectors.

During a session held during the first day of the Sharjah Investment Forum, they stressed the importance of developing human cadres and providing them with the necessary skills to deal with these technologies, in addition to the role of the financial sector in supporting this transformation by providing the necessary funding for innovative projects, which contributes to creating an environment that stimulates innovation and entrepreneurship.

The session titled “Building Smart Economies” witnessed the participation of Sheikh Fahim Al Qasimi, Chairman of the Department of Government Relations, who stressed that the UAE economy has become a model to be emulated in comprehensive innovation, as it goes beyond modern technologies to include all aspects of economic life, pointing out that this success is due to the wise vision of the government in diversifying sources of income and investing in sustainable sectors.

In turn, Bee’ah Group CEO Khaled Al Huraimel stressed the importance of partnership between the public and private sectors in building smart economies, noting that Bee’ah Group has succeeded in developing innovative solutions for waste treatment, as it was able to divert 90% of waste in Sharjah away from traditional landfills.

For his part, the Executive Director of the Sharjah Research, Technology and Innovation Park, Hussain Al Mahmoudi, said that the shift towards smart societies is not just a matter of adopting new technologies, but rather a comprehensive process that requires a significant investment in the human element, pointing out that artificial intelligence, no matter how advanced it is, remains a tool in the hands of humans, and therefore, the success of any application of artificial intelligence is closely linked to the ability of society to develop qualified human cadres capable of dealing with these technologies and investing in them effectively.

For his part, the CEO of Emirates Development Bank, Ahmed Al Naqbi, said that the shift towards a smart economy is the focus of the UAE’s attention, as it seeks to build a sustainable economy based on knowledge and innovation, noting that modern technologies such as artificial intelligence and blockchain play an important role in this shift, but they do not express the smart economy, but rather are tools to drive the wheel of smart economies.